Stripe Buys Bridge for $1.1B in Crypto Push

Title: Stripe Acquires Stablecoin Firm Bridge for $1.1 Billion
Summary: Fintech giant Stripe has finalized its acquisition of stablecoin platform Bridge in a deal worth $1.1 billion, marking its largest ever purchase. The move follows reports of ongoing discussions between the two companies over the past few weeks and signals an increasing interest by Stripe in expanding its presence within the cryptocurrency sector.
Key Facts:
* Stripe’s deal for Bridge is reportedly worth $1.1 billion, according to TechCrunch founder Michael Arrington.
* This marks the biggest acquisition made by Stripe so far.
* The transaction takes place amidst growing signs of Stripe’s intent to increase its involvement in the crypto marketplace following previous moves like acquiring TaxJar and Lemon Squeezy, as well as introducing new features such as ‘Pay with Crypto’.
* Prior to these developments, Stripe stopped accepting crypto payments back in 2018 but resumed operations earlier this year with USDC on Ethereum, Solana and Polygon networks being added later in October 2024.
* Founded by Sean Yu and Zach Abrams in 2022, Bridge provides companies accessibility to make transactions using stablecoins; they have already managed to raise significant investment amounts including securing $40 million during a Series A funding round held at a valuation figure exceeding $200 million.

Source